Key Stats
- Founded: 1825 (Commercial Bank of Albany)
- Headquarters: Cleveland, Ohio, USA
- Total Assets: $187 billion (2024)
- Employees: 16,753 (2024)
- Market Cap: $25.5 billion (February 2026)
KeyCorp (NYSE: KEY) operates as the holding company for KeyBank National Association, a regional bank headquartered in Cleveland, Ohio. The company ranks as the 27th largest bank in the United States by total assets.
KeyBank provides retail and commercial banking services through two segments: Consumer Bank and Commercial Bank. Its offerings include deposits, lending, mortgages, credit cards, wealth management, and investment banking through KeyBanc Capital Markets.
The bank maintains nearly 1,000 branches and over 1,200 ATMs across 15 states, concentrated in the Midwest and Northeast. Operations also extend to the Pacific Northwest, Alaska, Colorado, Texas, and Utah. KeyCorp’s digital banking brand, Laurel Road, targets healthcare professionals with student loan refinancing and online banking services.
KeyCorp History
1825 – New York Governor DeWitt Clinton signs bill chartering the Commercial Bank of Albany, KeyCorp’s earliest predecessor.
1849 – Society for Savings founded in Cleveland, Ohio by Samuel H. Mather as a mutual savings bank.
1867 – Society for Savings constructs Cleveland’s first skyscraper, the 10-story Society for Savings Building on Public Square.
1971 – First Trust and Deposit merges with National Commercial Bank and Trust Co. to form First Commercial Banks Inc.
1973 – Victor J. Riley Jr. becomes president and CEO, beginning a 20-year tenure of aggressive expansion.
1979 – First Commercial Banks Inc. renamed Key Banks Inc., adopting the Key brand across subsidiaries.
1985-1990 – KeyCorp expands westward, quintupling assets from $3 billion to $15 billion through acquisitions in Alaska, Oregon, Idaho, Utah, and Wyoming.
1991 – Society Corporation acquires AmeriTrust Corporation, consolidating two of Cleveland’s largest banks.
1994 – Society Corporation and KeyCorp merge on March 1, creating the 10th largest U.S. bank with $58 billion in assets. Headquarters established in Cleveland.
2011 – Beth E. Mooney becomes the first woman CEO of a top-20 U.S. bank.
2016 – KeyCorp acquires First Niagara Financial Group for $4.1 billion, the largest bank merger since the 2008 financial crisis.
2019 – KeyBank acquires Laurel Road’s digital lending business, expanding online banking capabilities.
2020 – Christopher M. Gorman assumes role of Chairman, CEO, and President of KeyCorp.
2025 – KeyBank celebrates its 200th anniversary, marking two centuries of continuous operation.
KeyCorp Revenue
KeyCorp generates revenue through net interest income from lending activities and fee-based services including wealth management, investment banking, and commercial payments. The company reported revenue of $9.24 billion in 2024.
Revenue fluctuated in recent years due to interest rate changes and securities portfolio repositioning. For 2025, the company projects net interest income growth between 20% and 22%, with fee income expected to exceed 5% growth.
KeyCorp Marketcap
KeyCorp trades on the New York Stock Exchange under the ticker symbol KEY. As of February 2026, the company has a market capitalization of approximately $25.5 billion, ranking it among the 1,000 most valuable publicly traded companies globally.
The stock reached an all-time high closing price of $23.21 in February 2026. Market cap has grown 47% over the past year, reflecting improved investor confidence in the regional banking sector.
KeyCorp Co-founders
The modern KeyCorp formed through the 1994 merger of two banking institutions with distinct founders and leaders who shaped their growth.
Samuel H. Mather
Founded Society for Savings in Cleveland in 1849 as a mutual savings bank serving working-class depositors.
Victor J. Riley Jr.
CEO of KeyCorp (1973-1995). Transformed the bank from a regional New York institution into a coast-to-coast operation through aggressive acquisitions.
Robert W. Gillespie
CEO of Society Corporation and later KeyCorp (1995-2001). Orchestrated the 1994 merger and built Society into a regional powerhouse.
KeyCorp Acquisitions
Acquisitions have driven KeyCorp’s growth strategy throughout its history. Under Victor Riley’s leadership in the 1980s, KeyCorp expanded from an upstate New York bank into a national institution by purchasing banks across the Pacific Northwest, Alaska, and Rocky Mountain states.
The 1994 merger with Society Corporation combined two regional banks with complementary strengths. Society brought sophisticated commercial banking operations and technology systems from Cleveland, while KeyCorp contributed its decentralized community banking network spanning multiple states.
The September 1991 acquisition of AmeriTrust Corporation by Society preceded the KeyCorp merger. AmeriTrust, the successor to Cleveland Trust Company, had been Ohio’s largest bank from the 1940s through the late 1970s. This deal established Society as a leading regional bank before combining with KeyCorp.
KeyCorp’s largest post-merger acquisition came in July 2016 when it purchased First Niagara Financial Group for $4.1 billion. The deal added approximately 300 branches across New York, Pennsylvania, Connecticut, and Massachusetts. It represented the largest bank industry merger since the 2008 financial crisis and expanded KeyCorp’s assets to approximately $135 billion.
In April 2019, KeyBank acquired Laurel Road’s digital lending business. Laurel Road had built a student loan refinancing platform since 2013, originating more than $4 billion in loans. The acquisition enhanced KeyCorp’s digital banking capabilities and provided access to millennial professional clients, particularly in healthcare.
Other acquisitions include HelloWallet (2017) for digital financial wellness tools, Cain Brothers & Company (2017) for healthcare investment banking, and Key Merchant Services (2017) to consolidate payment processing. Together, similar to how US Bancorp expanded through regional acquisitions, KeyCorp built its current footprint through strategic purchases over several decades.
KeyCorp Competitors
KeyCorp competes with national money center banks and regional banking institutions across its 15-state footprint. Competition intensifies in the Midwest and Northeast where KeyBank maintains its largest branch concentration.
| Competitor | Headquarters | Type |
|---|---|---|
| PNC Financial Services | Pittsburgh, PA | Regional Bank |
| U.S. Bancorp | Minneapolis, MN | Regional Bank |
| Fifth Third Bancorp | Cincinnati, OH | Regional Bank |
| Huntington Bancshares | Columbus, OH | Regional Bank |
| Truist Financial | Charlotte, NC | Regional Bank |
| M&T Bank | Buffalo, NY | Regional Bank |
| Citizens Financial Group | Providence, RI | Regional Bank |
| Regions Financial | Birmingham, AL | Regional Bank |
| BMO Harris Bank | Chicago, IL | Regional Bank |
| JPMorgan Chase | New York, NY | National Bank |
In Ohio, KeyCorp faces direct competition from Fifth Third Bancorp and Huntington Bancshares. Both Ohio-based competitors have pursued aggressive expansion strategies. Huntington agreed to acquire Cadence Bank for $7.4 billion in 2025, while Fifth Third announced plans to purchase Comerica Inc. in the largest bank takeover of 2025.
KeyCorp focuses its growth efforts on the Pacific Northwest, targeting Seattle, Portland, Denver, Salt Lake City, and Boise. The company competes against Bank of America, JPMorgan Chase, and Wells Fargo in Washington state, where these national banks hold the largest deposit market shares.
FAQs
When was KeyCorp founded?
KeyCorp traces its origins to 1825 when the Commercial Bank of Albany was chartered in New York. The modern KeyCorp formed in 1994 through the merger of KeyCorp and Society Corporation.
Where is KeyCorp headquartered?
KeyCorp is headquartered in Cleveland, Ohio. The company operates from Key Tower at 127 Public Square, the tallest building in Ohio at 947 feet.
How many branches does KeyBank have?
KeyBank operates nearly 1,000 branches and over 1,200 ATMs across 15 states, primarily in the Midwest, Northeast, and Pacific Northwest regions.
Who is the current CEO of KeyCorp?
Christopher M. Gorman serves as Chairman, CEO, and President of KeyCorp. He assumed the role on May 1, 2020, bringing over 30 years of financial services experience.
What is KeyCorp’s stock ticker symbol?
KeyCorp trades on the New York Stock Exchange under the ticker symbol KEY. The company has been publicly traded since 1994.